State Farm Seeks 30% Home Insurance Rate Hike, Largest in California

Jun 28, 2024, 04:11 PM

State Farm has requested a significant increase in home insurance rates in California, seeking a 30% hike for homeowners and even higher rates for condos and renters. This move has raised serious questions from the state insurance commissioner, who has questioned the company's financial stability. The proposed rate increase is the largest ever requested by State Farm, indicating potential financial challenges for the state's largest insurer.